India’s domestic crude oil production for the April to January period of the current fiscal came in at 24.5 million metric tonne, registering a marginal decline of 0.4% compared with the first 10 months of last fiscal, data from the Petroleum Planning and Analysis Cell showed. The production also fell short of the target of 25.1 MMT for the Apr-Jan period.
Of this, output ONGC’s output fell by 3% at 15.1 MMT from last year. The company had a target of 16.1 MMT production. Oil India, on the contrary, achieved its target 2.8 MMT production for the period.
ONGC’s crude oil production fell owing to the shut down in Panna-Mukta offshore platforms for commissioning of new crude oil pipelines and the natural decline from its mature fields. However, the company expects a 5-6% rise in its crude output owing to additional production from the KG 98/2 basin. ONGC had earlier said it expects full-fledged production from the basin to come into effect in FY26.
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Meanwhile, Indian oil refiners processed 217.3 million tonne of crude oil during the period, against 211.4 MMT in the same period last year. In January alone, Indian refiners cumulatively processed 22.6 MMT against 22.8 MMT in the corresponding period of last fiscal.
Domestic gas production improved by 5.2% to 30,353 mmscm (million standard cubic meter) in April to January from 28,843 mmscm a year ago.
India imported 194.2 MMT of crude oil worth $110.5 billion during this period, against 192.5 MMT valued at $136.2 billion in FY23, the data showed. The country’s import bill for gas came in at $10.9 billion in Apr-Jan, down by 26% from $14.8 billion last year.
India’s import dependency on crude oil in January increased to 88.2% from 87.1% in January 2023, the report said.
S&P Global Commodity Insights has projected the country’s oil demand to grow by more than 200,000 barrels per day in 2024. Gasoil and gasoline will be the highest contributors to this growth, each having a share of 33% and 31.5%, respectively, the firm said in a note.
“Oil demand is holding up quite well and should continue rising supported by solid economic growth with more focus on industrial and construction activity along with upcoming general elections in the county in 2024,” it said.
In January, India’s demand for oil products grew by 8.2% on year to 398,000 barrels per day on the back of higher consumption of all products except fuel oil.
LPG and gasoline recorded the highest year-on-year growth as heating requirements increased during winter, while mobility picked up post year-end holidays, boosting LPG and gasoline consumption, respectively, S&P Global Commodity Insight said.Come from Sports betting site VPbet
